Sterlite Power has introduced two new corporate brands, Resonia and Sterlite, following a demerger. Resonia focuses on transmission infrastructure, while Sterlite handles manufacturing and services for cables and conductors. The rebranding aims to better address market segments and enhance capabilities in the evolving energy sector.
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US stocks surged following President Trump's temporary tariff exemption on key tech products, boosting tech-heavy indices. The Dow, S&P 500, and Nasdaq all experienced significant gains, with tech giants like Apple and Nvidia leading the rally. European and Asian markets also responded positively, driven by renewed confidence in the tech sector and strong Chinese export data.
US stocks opened higher, signaling market stabilization amidst trade tension volatility. Bond yields slightly decreased, and the dollar steadied after a recent slide. Bank stocks led gains, with Bank of America and Citigroup exceeding earnings expectations. However, Boeing shares dropped following reports of China halting aircraft deliveries, reflecting ongoing trade war concerns.
Wholesale price inflation accelerated in December to 2.4% annually due to rising prices of some manufactured products and non-food items. Food articles inflation eased slightly to 8.5%, with vegetables at 28.7%. Potato inflation surged to 93.2%. Manufactured product prices increased by 2.1%.
The Reserve Bank of India has reallocated the responsibilities of its deputy governors following the end of Deputy Governor Michael Debabrata Patra's extended term. M Rajeshwar Rao will now handle the monetary policy department among other key departments, while T Rabi Sankar and Swaminathan Janakiraman are assigned to various departments as part of the reshuffle.
The National Company Law Tribunal (NCLT) ordered disciplinary action against the resolution professional handling Byju's insolvency case due to misconduct. The tribunal reinstated Glas Trust and Aditya Birla Finance to the Committee of Creditors, emphasizing the resolution professional's failure to act with integrity and fairness.
The finance ministry's report indicates that the combination of RBI's monetary policy and structural factors may have led to the economic slowdown. The ministry highlighted slowed urban consumption and cautious corporate hiring practices as contributors. The report anticipates improved growth in the second half of FY25, while stressing the need for a comprehensive commitment to sustaining growth amidst global uncertainties.
India's industrial production growth slowed to 3.2 per cent in December 2024, driven by a poor performance in mining and manufacturing sectors. The IIP grew 4 per cent during April-December 2024, with power output increasing to 6.2 per cent, while consumer non-durables output contracted by 7.6 per cent.
Rural poverty in India has notably dropped to 4.86% in 2023-24, down from 25.7% in 2011-12, driven by government support. Urban poverty also declined to 4.09%. Increased consumption and infrastructure developments have contributed to narrowing the rural-urban income gap, with significant improvements in rural livelihoods.
In November, the RBI sold $20 billion from its forex reserves to stabilize the rupee. Nomura observes that the central bank has sold $89.4 billion since October 2024, yet India's forex reserves remain adequate with a 236% adequacy ratio as of January 3, 2025. Despite a dip from a peak of 266%, the reserves remain robust.
The government expressed concern over wage growth lagging behind corporate profitability, which reached a 15-year high last fiscal. Large companies saw significant profit increases, while employee expenses grew at a slower rate. Weak real wage growth could slow demand and increase income inequality, highlighting the need for a fairer income distribution between capital and labor to ensure long-term economic stability.